Second-Party Opinion Download

Project Details


ICG Sustainability-Linked Bond Framework Second-Party Opinion (2022)


Intermediate Capital Group plc

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

Jan 2022

Evaluation Summary

Sustainalytics is of the opinion that the ICG Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI)

The ICG Sustainability-Linked Bond Framework defines one KPI: the share of ICG’s science-based target coverage with an SBTi-approved target (%) (see Table 1). Sustainalytics considers the KPI chosen to be strong given that it follows a clear and consistent methodology, and it is an indirect measure of emissions from companies in ICG’s portfolio. 

Calibration of Sustainability Performance Target (SPT)

Sustainalytics considers the SPT to be aligned with ICG’s sustainability strategy. Sustainalytics further considers the SPT to be highly ambitious as it represents a significant improvement over past performance and goes beyond the minimum requirements set by the Science-based targets initiative for the private equity sector.  

Bond Characteristics

ICG will link the bond’s financial characteristics to achievement of the SPT. Failure to achieve the SPT at the target observation dates will trigger an adjustment to the coupon rate. 


ICG commits to report on an annual basis on its progress on the KPI as part of a dedicated sustainability-linked update report on its website. ICG commits to disclose relevant information that affects KPI performance. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020. 


ICG commits to have external limited assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.